The Indiana University Board of Trustees approved the naming of the Kelley School of Business’ graduate division in an online executive session Wednesday after two alumni committed a $100 million gift to IU.
The school will now be called the Jeffrey H. Thomasson Graduate School of Business. Jeffrey and Benita Thomasson contributed $95 million to the Kelley School of Business and another $5 million to the Lilly Family School of Philanthropy at IU Indianapolis.
“The gift is transformational in every aspect, but I’m especially grateful for their commitment to the importance of student scholarships to support affordability and access for our students,” IU President Pamela Whitten said during the meeting.
The four trustees present in the session, Marilee Springer, David Hormuth, Steve Henke and Matt Ferguson, all voted to approve the name change.
Combined, the gift was the largest from an individual in IU history. The money will be used to expand scholarship opportunities in the philanthropy school and fund new fellowships, financial aid, resources for faculty and experiential learning opportunities within Kelley. It will also create opportunities for advanced AI training, mentorship and career services, according to a university press release.
A new Thomasson Scholars Program will build on the Thomasson Fellows Program, which gives scholarships to “socially conscious undergraduate students” who are Indiana residents and demonstrate involvement in organizations with a mission of social impact and community service. The new program will provide financial assistance for graduate students.
“Benita and I have personally experienced how philanthropy and education change lives, and we’re honored to create those same opportunities for current and future IU students,” Jeffrey Thomasson said in the press release. “The Kelley MBA program set the foundation for my career, and this gift is our way of paying forward the investment people made in us.”
Jeffrey Thomasson received his Master of Business Administration from Kelley in 1981 and went on to found the Oxford Financial Group, which provides wealth management advice and financial counseling to families and institutions. Benita Thomasson earned her master’s degree in philanthropic studies from the Lilly Family School of Philanthropy.
